It has taken long before the term FinTech was added to the dictionary. Many people have been using this term since the early 1980’s but it was never in the dictionary. The word fintech is a combination of Financial and Technology. But, at long last publisher Merriam-Webster has added this common term to the dictionary.
In addition, many words that have been added to the dictionary are technological terms. This is after they have been in use for a long time and were never added to the dictionary. Peter Sokolowski the editor of Merriam-Webster also said, “That in this era of technological advancement, fast communication, and advances in science, people tend to come up with new terms to describe the events around us.”
Currently, companies such as online payment companies like PayPal, trading platforms, and student loan refinancing company are commonly called fintech. Other even call bank applications as fintech because they combine technology and finance in providing services to their customers.
According to Peter the term FinTech became popular between 2004 and 2006. Even though it started being popular during those years the word was mostly used by the financial sector. He also added that “Words cannot be added to the dictionary because they are used by a group of people. But, if the word spreads and people across the globe start using it then it is automatically added to the dictionary.”
Sokolowski also said other terms such as GOAT, TL, and DR were added to the dictionary. These terms mean greatest of all time, too long, and didn’t read respectively. I know you are familiar with these terms but they were not in the dictionary. In the Merriam-Webster, other words that were added include Biohacking, Medical Marijuana, bingeable, Multilevel marketing.
The above terms according to Merriam-Webster have the following meanings. For Biohacking it means biological experimentation done to improve the qualities or capabilities of living organisms. Bingeable means having multiple episodes or parts that can be watched in rapid succession.